In a bid to boost social media technology, Facebook and Amazon.com, along with other notable social media companies, have lined up behind notable Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers to create a $250 million fund for social startups.
The “sFund” will receive the bulk of it’s funding from KPCB, which has backed many highly successful startups, including Google, Amazon, and AOL. Other fund backers include social gaming publisher Zynga, Comcast, Liberty Media, and investment banking firm Allen & Company.
“We’re at the beginning of a new era for social Internet innovators who are re-imagining and re-inventing a Web of people and places, looking beyond documents and websites,” said KPCB partner John Doerr in a statement. “There’s never been a better time than now to start a new social venture.”
The sFund follows the model of KPCB’s iFund, a $200 million fund backing mobile app developers. iFund-backed mobile app maker Ngmoco was acquired for $403 million after just two short years.
Startups backed by the sFund will get more than cash. Amazon will provide Amazon Web Services services and support, Facebook is giving access to beta APIs and new Facebook programs, and Zynga will host business and technical development sessions.